Lord Turner (Photo: Parliament TV)
There was no information on trader manipulation in Libor. There was no information on the trade room manipulation so you can’t say that ‘here is the info, why didn’t you act’.
MPs: The cost of redress is probably greater than what the companies gained from PPI in the first place. The State put a lot of money into banks and to keep them surviving. However these mechanisms are now pulling out all this money. Should we put a stop or a limit on these free falls of claims to stop this
Claims management companies have created problems with a deluge of claims.PPI redress is approaching £10bn. The FOS is still upholding about 90% of claims.Although you are talking about the bogus claims but an independent adjudicator FOS says that 90% of these are legitimate. It’s only chaos in the sense because the volumes are huge.
Culture change is difficult but we are working very hard with it and to get engaged in that change.
Lord Turner answers Thurso’s question over what Turner would ask Wheatley next year to make sure he had done his job properly:
What are you doing with your new responsibility for consumer credit. Form march next year, the FCA gets that responsibility. It makes the FCA more important for the consumer markets, the people on the street, which it hadn’t been before.
BREAKING: Three arrested in FSA insider dealing investigation
Mis-Selling Derivatives Q&A: Conservative MP and APPG Founder Guto Bebb [Exclusive]
Mis-Selling and Risk Failings: FSA Fines UBS Over Asset Backed Securities Fund.
Barclays Profits Tumble as Mis-Selling Costs, Debt Charges Hammer Bottom Line.
I was not aware that the derivatives traders were making these requests [errant trades made by Libor riggers]. I think we were [management] was aware of issues on the trading floor on Yen Libor trades and that we thought that it was a mathematical impossibility to [rig rates] because of the topping and tailing structure.But we we wrong.
The first set of surprise executives to kick off (Photo: Parliament TV)